Investigating intuitive and deliberate processes statistically: The multiple-measure maximum likelihood strategy classification methodAndreas Glöckner Judgment and Decision Making, 2009, vol. 4, issue 3, pages 186-199 Abstract: One of the core challenges of decision research is to identify individuals' decision strategies without influencing decision behavior by the method used. Br\"oder and Schiffer (2003) suggested a method to classify decision strategies based on a maximum likelihood estimation, comparing the probability of individuals' choices given the application of a certain strategy and a constant error rate. Although this method was shown to be unbiased and practically useful, it obviously does not allow differentiating between models that make the same predictions concerning choices but different predictions for the underlying process, which is often the case when comparing complex to simple models or when comparing intuitive and deliberate strategies. An extended method is suggested that additionally includes decision times and confidence judgments in a simultaneous Multiple-Measure Maximum Likelihood estimation. In simulations, it is shown that the method is unbiased and sensitive to differentiate between strategies if the effects on times and confidence are sufficiently large. Keywords: strategy classification; judgment; decision making; maximum likelihood estimation; intuition. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:jdm:journl:v:4:y:2009:i:3:p:186-199 Access Statistics for this article Judgment and Decision Making is edited by Jonathan Baron More articles in Judgment and Decision Making from Society for Judgment and Decision Making |
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